Fintech groups merge to form European Fintech Association

A group of fintechs have come together to form the European FinTech Association (EFA) following the European Commission’s ambition for a new digital finance strategy.

In the last decade, financial services have been revolutionised by the introduction of tech-based solutions. Consumers and businesses benefit from new, innovative financial products and services and more competition in the market.

The EFA is the first not-for-profit Brussels-based organisation representing over twenty leading fintech companies across Europe. The Association brings together the previously established EFAlliance and FinTechs4Europe to give one voice to European fintech players.

The Association unites a diverse group of fintech providers ranging from payments to lending, banking, robo-advice, identity verification, investment as well as software-as-a-service for the finance sector with a clear focus on enabling a common market for financial services.

Its members include AcceptEasy (now Serrala Solutions), Billie, elinvar, finleap, Funding Circle, Kantox, Kontist, Mintos, Moneyfarm, N26, Raisin, Satispay, Scalable Capital, solarisBank, Tink, TransferWise, Truelayer, Verimi, viafintech, Wirecard and Zalando payments.

“Fintech companies deliver much-needed innovative, transparent and understandable financial services products but have until now not sufficiently been heard at the European political level,” said Marc Roberts, President of the Board of the European FinTech Association.

“By launching the Brussels-based association, EFA will be able to support the voice of fintechs in Europe by encouraging proportionate and smart regulation that will support European financial innovation while taking consumer protection into account.”

The Association’s mission revolves around three pillars: to promote, communicate and develop cooperation and dialogue between fintech companies within the European Union; to speak with one voice for the European fintech sector and highlight the significant developments in the FinTech fields providing pragmatic solutions; and to advocate and represent the interests of its members in policymaking, particularly with EU institutions and other European regulatory bodies.

The launch has received a positive reaction from the European Commission. “Making Europe fit for the digital age is a key element of the EU recovery strategy. Now is the moment for fintech to coordinate their voices across Europe,” said Jan Ceyssens, Head of Unit, Digital Finance, DG FISMA.

“Digitalisation is an opportunity for all to build a better functioning market for financial services. We believe that Europe can be a leading hub and kick-start for global growth of fintech companies,” he added.